Binance has previously undercollateralized its stablecoin, BUSD, on its own blockchain, according to on-chain data revealing that the wallet backing the BUSD bridged from Ethereum’s blockchain onto Binance’s blockchain did not consistently equal one dollar’s worth of assets for each Binance-pegged BUSD. Investigative reporter Jonathan Reiter of Data Finnovation collaborated with Patrick Tan of Novum Alpha to initially publicize the shortfall. Reiter has published five scholarly articles[Read more…]
Author Archives: Protos.com
21
Oct
Oct
Binance has denied allegations that it intends to use customers’ Uniswap tokens (UNI) held on its exchange for governance votes. A Binance spokesperson acknowledged that it moved 4.6 million UNI between wallets and activated its delegation, but said the reason for the transfer was misreported and it never intended to vote with the tokens. The[Read more…]
11
Oct
Oct
Figures shared by the City of London Police reveal that £36 million ($39.7 million) was lost by investors last year to crypto fraud through Binance. Authorities calculated the figure based on offenses reported to Action Fraud, the UK’s reporting center for fraud and cybercrime. According to the figures, accessed via a Freedom of Information request (FOI), theft[Read more…]
11
Oct
Oct
Figures shared by the City of London Police reveal that £36 million ($39.7 million) was lost by investors last year to crypto fraud through Binance. Authorities calculated the figure based on offenses reported to Action Fraud, the UK’s reporting center for fraud and cybercrime. According to the figures, accessed via a Freedom of Information request (FOI), theft[Read more…]
07
Oct
Oct
On Thursday, Binance’s BSC Token Hub was hacked for two million BNB, its native cryptocurrency, worth approximately $586 million at the time of the incident. However, the attacker only managed to bridge a fraction of the loot to other chains before validators halted the network, blocking access to the $430 million remaining in the hacker’s BNB chain address. The[Read more…]
04
Oct
Oct
Layer 1 blockchains like Ethereum (ETH) and Binance Smart Chain (BSC) have large communities. But while Ethereum tends to dominate most English language crypto news sites, Binance is popular in densely populated, non-English speaking countries. Binance Smart Chain (BSC) is a fork of Ethereum (ETH) that uses Binance Coin (BNB) instead of ETH for gas.[Read more…]
07
Jun
Jun
Last week, Binance said that money laundering in crypto is no big deal, claiming that just 0.15% of 2021 crypto transactions were illicit. This week, it doubled down on that claim, publishing a name-calling rant against “breathless pearl clutching” journalists who “spread disinformation,” “cherry pick data,” and “feed into the cult of crypto paranoia for fame.” Now, the[Read more…]
